Saudi Offers Full July Supply; China Imports Record: Asia Crude
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Saudi Arabian Oil Co. will provide full contracted supplies to Asian customers in July, according to buyers at five regional refiners who received notification from the producer.
The world’s largest state-owned crude exporter is supplying full volumes as the Organization of Petroleum Exporting Countries prepares to meet in Vienna on June 14. OPEC will maintain its official daily production ceiling at 30 million barrels when its 12 members meet, all 20 traders and analysts surveyed by Bloomberg News said. The group has agreed to cuts at every meeting in the past 10 years that coincided with a price drop of more than 10 percent in the preceding three months, data compiled by Bloomberg News show.